In our seller’s market, most successful home buyers tailor their purchase contract to meet the needs of the home seller. What some buyers and their agents fail to take into account is that they also need to tailor the contract to meet the needs of the lender. If they don’t, they may be hit with delays in funding or worse yet, they may not be able to get the loan funded at all. Below are five things buyers should think about when crafting a lender friendly purchase contract.
Once a buyer receives a fully executed copy of the purchase contract, including any addenda and/or counters offers, it should be sent to the loan officer ASAP. In addition, any updates or changes to the contract should be sent to the loan officer in a timely fashion. Lastly, non permitted and non conforming additions will not be given value in a typical appraisal.